Cullinan Therapeutics | 8-K: FY2026 Q2 Revenue: USD 0

Revenue: As of FY2026 Q2, the actual value is USD 0.

EPS: As of FY2026 Q2, the actual value is USD -0.81.

EBIT: As of FY2026 Q2, the actual value is USD -53.7 M.

Financial Position

As of June 30, 2026, Cullinan Therapeutics, Inc. reported cash, cash equivalents, short- and long-term investments, and interest receivable of $356.0 million, a decrease from $439.0 million as of December 31, 2025.Total assets were $363.8 million as of June 30, 2026, down from $448.4 million as of December 31, 2025.Total current liabilities increased to $40.6 million as of June 30, 2026, from $37.7 million as of December 31, 2025.Total liabilities were $42.0 million as of June 30, 2026, compared to $39.6 million as of December 31, 2025.Total stockholders’ equity decreased to $321.8 million as of June 30, 2026, from $408.7 million as of December 31, 2025.

Operating Expenses

Research and development (R&D) expenses for the second quarter of 2026 were $44.4 million, a decrease from $61.0 million for the same period in 2025.For the six months ended June 30, 2026, R&D expenses were $86.6 million, down from $102.5 million for the same period in 2025.General and administrative (G&A) expenses were $12.8 million for the second quarter of 2026, compared to $14.8 million for the same period in 2025.For the six months ended June 30, 2026, G&A expenses were $24.4 million, a decrease from $28.3 million for the same period in 2025.Total operating expenses for the second quarter of 2026 were $57.3 million, down from $75.8 million in the second quarter of 2025.For the six months ended June 30, 2026, total operating expenses were $111.0 million, compared to $130.8 million for the same period in 2025.

Operational Performance

Loss from operations for the second quarter of 2026 was - $57.3 million, an improvement from - $75.8 million for the same period in 2025.For the six months ended June 30, 2026, loss from operations was - $111.0 million, compared to - $130.8 million for the same period in 2025.Interest income was $3.6 million for the second quarter of 2026, compared to $5.9 million for the same period in 2025.For the six months ended June 30, 2026, interest income was $7.7 million, down from $12.5 million for the same period in 2025.Other expense, net, was - $0.1 million for the second quarter of 2026, compared to - $0.2 million for the same period in 2025.For the six months ended June 30, 2026, other expense, net, was - $0.2 million, compared to - $0.3 million for the same period in 2025.Net loss for the second quarter of 2026 was - $53.7 million, an improvement from - $70.1 million for the same period in 2025.For the six months ended June 30, 2026, net loss was - $103.4 million, compared to - $118.6 million for the same period in 2025.

Unique Financial Indicators

Cullinan Therapeutics, Inc. is eligible to receive $30 million upon 2L U.S. regulatory approval and up to $100 million upon 1L U.S. regulatory approval for Zipalertinib, and will share profits ⁵⁰⁄₅₀ in the U.S.

Outlook and Guidance

Cullinan Therapeutics, Inc. anticipates its current cash resources will provide a financial runway into 2029 under its operating plan.The company plans to release multi-dose regimen data for CLN-978 in RA in Q3 2026 and SLE in Q4 2026, with Phase 2 expansion studies commencing in early 2027.Velinotamig multi-dose regimen data in SLE is expected in Q4 2026, and a potentially registrational Phase 2 study for CLN-049 in R/R AML is projected to start in Q3 2026.